BEIJING, Dec. 22 -- The central banks of China and Thailand on Monday decided to renew their three-year currency swap deal, worth 70 billion yuan (11.4 billion U.S. dollars), said a statement on the website of the People's Bank of China (PBoC).

The two sides also signed a memorandum of understanding on Renminbi clearing settlement in Bangkok.

The deal is a new step in financial cooperation between the two and will facilitate bilateral trade and investment, the statement said.

The deal was announced after Chinese Premier Li Keqiang's visit to Thailand for the fifth summit of the Greater Mekong Subregion Economic Cooperation.